Arthur Staple of Newsday is reporting the deal to be worth $11 million.
The Islanders acquired Clutterbuck, who was a restricted free agent, from the Minnesota Wild on June 30 in a trade Nino Niederreiter. Clutterbuck is 25 years old and has 110 points in 346 career NHL games, all with the Wild.
Clutterbuck, who played junior hockey with Islanders center John Tavares, had 10 points and a Minnesota team-high 155 hits in 42 games in 2012-13. He had two points in five games in the 2013 Stanley Cup Playoffs.
We're buyers. We're committed to winning. That's what [owner Vinnie Viola] has said all along and what we've said all along. We want to win. We want to win a championship. We're putting the pieces together, step by step, and we're hopeful that Jaromir can lead these young guys to the promised land. It's a win-win for us.
— Panthers GM Dale Tallon on Jaromir Jagr, who he traded for from the Devils on Thursday